RIYADH — The Saudi Fund for Development (SFD) has signed a soft loan agreement worth $100 million to support a water project in Argentina.

The agreement was signed in Riyadh by the SFD s CEO, Sultan Al-Murshed, with the Argentine side represented by the Governor of Córdoba Province, Juan Schiaretti, and the Governor of Santa Fe Province, Omar Perotti.

This will contribute to funding the first stage of the project to establish a joint water canal in Córdoba and Santa Fe.

The first phase of the project is expected to meet the acute need for clean water by the residents of Córdoba and Santa Fe governorates.

The project will provide clean water for more than 410,000 beneficiaries in 54 cities, fulfilling the sustainable development goals of good health and well-being, as well as clean water.

The project will also support and stimulate the direct and indirect work opportunities for the residents, and support social growth and economic prosperity.

SFD's CEO Al-Murshe, said this agreement comes as a contribution to support access to clean and potable water, which is considered one of the most basic needs of human life, in order to reduce diseases and epidemics resulting from polluted water.

Through this agreement, SFD will play a pivotal role in supporting this important project, he added.

"We are looking forward to continuing support for projects that improve access to clean water in different countries of the world, which will impact the lives of beneficiaries,” Al-Murshed noted.

In turn, the Governor of Córdoba Province expressed his happiness for being in their second country, Saudi Arabia. He praised this agreement which comes as a start for development cooperation between the two countries, saying many residents of the two Argentine provinces and neighboring regions will benefit from the project.

On his part, the Governor of Santa Fe Province thanked the working teams of the SFD for their efforts that resulted in the completion of this agreement.

He also praised this important historic step, which is considered the first development and economic cooperation agreement between Saudi Arabia and Argentina.

This agreement is the first step in development cooperation between the Saudi Fund for Development and Argentina, making it the 93rd country to receive development aid from the Fund.

Since its founding 1974, SFD extended aid worth approximately $20 billion to support at least 750 development projects and programs in various sectors in more than 90 countries around the world.

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